Zen Technologies shares hit upper circuit for 6 straight session; stock up over 100% in same period

The shares of Zen Technologies were locked at the upper circuit for the straight sixth sessions on Wednesday to Rs 195.3 per share on the BSE. The stock during the same period has jumped over 101 per cent, as the company bagged a Rs 155 crore order from the Indian Air Force (IAF).

The defence company shares trading at new life high levels, it so far in the last five sessions had hit the 10 per cent upper circuit limit; however, the exchanges revised the circuit filter to 5 per cent with effect from Wednesday.

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The stock in the last month was trading in a range-bound between Rs 85-90 per share, however, it picked up momentum from August 26, 2021. While this range bound trading is visible for three, six and twelve months, in fact for the first time earlier this month stock breached Rs 100 mark in a year.

In the early morning trade, a combined 1.02 million equity shares changed hands with pending buy orders for around 1.15 million shares on the BSE and NSE.

Zen Technologies, on September 3, 2021, in an exchange filing announced that it has secured an order worth Rs 155 crore from the Indian Air Force (IAF) for supply of Counter Unmanned Aircraft Systems (CUAS).

The order will be carried out in a 12-month time frame, the company said in a statement. This is Zen Technologies' first significant order in the anti-drone space, the company added adding further that it remains confident of securing additional orders in the future.

Earlier this month, the company had stated that it had secured orders worth Rs 211 crore during April-June (Q1FY22) quarter. "Order book as on September 01, 2021, stands at Rs 402.6 crore as against an order book of Rs 191.6 crore on 30th June 2021," Zen Technologies had said.

Zen Technologies is engaged in manufacturing land-based military training simulators, driving simulators, live range equipment and anti-drone systems.